Analyst Mike Baker said consumer spending will remain weak through the rest of 2008 and perhaps into 2009, pressuring spending on discretionary products like sporting goods.

As a result, Deutsche Bank reduced its 2008 earnings-per-share estimate to 70 cents from 75 cents, while analysts polled by Thomson Reuters, on average, estimate full-year earnings of 71 cents a share.

The brokerage also lowered its price target to $6 from $7.

Shares of Big 5, an El Segundo, Calif.-based sporting goods retailer, closed Thursday at $7.46. Greg Saulnier gs/vj

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El Segundo, California-based Big 5 is a sporting goods retailer in the western United States, operating 369 stores in eleven states under the "Big 5 Sporting Goods" name.

Big 5 provides a full-line product offering in a traditional sporting goods store format that averages 11,000 square feet. Big 5's product mix includes athletic shoes, apparel and accessories, as well as a selection of outdoor and athletic equipment for team sports, fitness, camping, hunting, fishing, tennis, golf, snowboarding and in-line skating.

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For the 26-week period ended June 29, 2008, net sales decreased 3% to $421.9 million from net sales of $434.9 million for the same period last year. Same store sales decreased 6.4% in the first 26 weeks of fiscal 2008 versus the same period last year.

Net income was $5.8 million, or $0.27 per diluted share, for the first 26 weeks of fiscal 2008, compared to net income of $13.5 million, or $0.59 per diluted share, for the same period last year.

Steven Miller, chairman, president and CEO, said: "Given the challenging sales environment, we are pleased with our second quarter earnings results, which came in at the high end of our expectations on an operational basis, but were impacted by the one-time charge relating to lease accounting."

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